Basic Chemicals Market
The global basic chemicals market is growing pervasively, witnessing the massive demand from many key end-use industries. Agriculture, transportation, packaging, textile, electrical electronics, pharmaceutical, and paints coatings are industries that absorb a considerable amount of basic chemicals per year. Moreover, surging demand from the rapidly growing packaging industry is another key factor that escalates the market on the global platform.
According to Market Research Future (MRFR), the Basic Chemicals Market is expected to witness exponential accruals by 2023. In its recently published analysis, MRFR also asserts that the market would register a phenomenal CAGR throughout the forecast period (2018–2023).
Basic chemicals are the key substrates used in the plastic manufacturing process. Hence, trends in the production and supply of plastics impact the growth of the basic chemicals market, significantly. Plastic products are extensively used in the automotive, construction, and electrical industries. Resultantly, the demand for basic chemicals is continually on the rise.
Conversely, price volatility and the demand-supply gap in raw materials required for the production of basic chemicals is a key factor impeding the growth of the market. Also, the emergence of eco-friendly and innovative products might hamper the growth of the market over the corresponding period.
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Global Basic Chemicals Market — Segments
The report is segmented into three market dynamics to widen the scope of understanding,
By Types : Inorganic (Ethylene, Benzene, Propylene, and others) and Organic (Chlorine, Ammonia, Sodium Hydroxide, others.), among others.
By Applications : Fiber, Plastics, Fertilizers, Rubber, Soaps Detergents, Building Materials, and Adhesives, among others.
By Regions : Asia Pacific, North America, Europe, and Rest-of-the-World.
Basic Chemicals Market — Geographical Analysis
The Asia Pacific region leads the global basic chemicals market. The presence of key petrochemical manufacturers in China and India, such as Finolex, SINOPEC Shanghai Petrochemical Co., Ltd., and NOCIL is a key factor in creating market demand. Moreover, huge consumption of basic chemicals from the growing automotive, agriculture, and electrical electronics companies, among others are driving the market.
The chemical industry in the APAC region is the most diverse with more than 70,000 modern products such as particleboards, plastics, pharmaceuticals, and paints coatings. The region is witnessing the expansion of infrastructural projects and mulling to restart the construction activities conducted by both, government and private players, which, in turn, is expected to drive the demand for basic chemicals in the region.
The basic chemicals market in the North America region is another lucrative market owing to the growing reconstruction activities and increasing demand from the automotive industry. Besides, burgeoning aviation and marine industry contribute to market growth.
The European basic chemicals market is emerging a promising market, globally. Factors such as the growing production of PET bottles and packaged beverages food products in the region would foster market growth. The automobile industry in the region pulls the demand for these chemicals majorly for making interiors of luxury cars.
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Basic Chemicals Market — Competitive Landscape
Highly competitive, the basic chemicals market appears diversified due to the presence of many well-established players. To gain a competitive advantage, mergers acquisitions, brand reinforcement, and innovation remain key trends for leading players. Manufacturers are witnessing a good time, due to the shutdown of a number of chemicals companies in China. Companies perceive revenue growth picked up from the last quarter of 2017, and there is a considerable expansion in operating profit margin (OPM).
Major Players:
Players leading global basic chemical market include DowDuPont (US), Exxon Mobil Corporation (US), BASF SE (Germany), SABIC (Saudi Arabia), INEOS (Switzerland), China Petroleum Chemical Corporation (China), LyondellBasell Industries Holdings BV (The Netherlands), Royal Dutch Shell (The Netherlands), Formosa Plastics Corporation (US), Mitsubishi Chemical Corporation (Japan), BDC Group (US), LG Chem (South Korea), and Celanese Corporation (US), among others.
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Industry/ Innovation/ Related News:
August 30, 2019 — — Altas Partners (Canada), a leading global investment firm, announced that it is to acquire DuBois Chemicals (the US), a specialty chemical supplier from The Jordan Company. DuBois provides customized specialty chemical solutions and related equipment with more than 15,000 customers worldwide. Earlier this year, DuBois developed new non-phosphate pre-treatment products called DuraTEC 600 and DuraTEC 602.
August 29, 2019 — — BASF SE (Germany), a leading global chemical producer and DIC Corporation (Japan), a chemical company, specializing in the development, manufacture, and sale of inks, pigments, and polymers announced that they have reached an agreement on the acquisition of BASF’s global pigments business.
August 29, 2019 — — Quaker Houghton (the US) announced the acquisition of operating divisions of Norman Hay plc, a private UK company that provides specialty chemicals, operating equipment, and services to industrial end markets.
